This is a common occurrence among asus if not most motherboards.
There nothign wrong with your PSU as long as you didnt go for the cheap one and have some decent wattage, I believe 450-500W is pretty much what anyone needs unless you are running some superhero of a video card.
The problem lies in how you motherboard creates the Vcore.
Crash course: The capacitors and inductors (toroids) around and tot he side of you cpu slot, or even off on thier own daughter card in some cases create a DC-DC converter. What happens is the incoming power from your atx connector is fed thru a high frequency generator (dont believe me? stick an oscilloscope probe the the + side of an empty capacitor pad near the power converter, typically in the left corner of the board and 3/8" in diameter) and using the wonderful properties of inductance, resistance, and capacitance (aka LRC) they get the desired voltage out
Don't kid yourself, a large Vcore swing can have consequences. For example, you get some mild tests done and find outwhat the proc needs to just survive so you increase the level of testing and find you need to up the voltage again, and again and again... now finally to achieve stable OC you are settign the system to say .25 to as much as .50 V higher than that first mild OC. Now you take off the load and the voltage surges. Now providing that you didnt set it so high that the overvoltage protection on the board didnt trip you now have the processor sitting idle with a hellacious amount of voltage running thru it. This is NOT good as you are essentially cooking that processor. Now more voltage means more cooling and i agree, you have to cool an OC'ed proc more then a standard becasue it is generating a LOT more heat. The fact is, with all OCing, you ARE killing the proc, your operating it outside of its designed limits, its a fact of life, you gotta deal with it just like the rest of us.
So what are you to do? Well this is the fun part. The board i am basing this off of is an asus p4p800-e deluxe and an asrock dual sata 2, and i imagine most all motherboards would be fixed in a similar manner as they all use the some power conversion technology.
Controlling the cpu power supply is an amplifier which looks at the voltage, computes an error function and adjusts the power accordingly. IF you modify the way it handles its job, you can reduce that Vcore swing also known as Vdroop. There are several ways of handling this, just search google for "p4p800 Vdroop mod". Yes they all involve soldering.
Don't know how to solder? Shame on you, its a useful skill to be able to fix most small electiral issues as well as make something really do your bidding.
In short, either you "fix" it or find a buddy who can fix it, the benefit of tightening up that Vdroop is that you typically dont have to run as many volts to get your oc stable, my prescott needed .3 volts less after doing it, i unfortunately dont remember what the end voltage was though.
Worried about voiding the warranty by adding/modifying components on the MB? Don't worry about it, you already voided it by OC'ing